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Cameron may discuss '$2.7bn Shell tax row' with India during trade visit

Source : ANI
Last Updated: Sat, Feb 16, 2013 05:00 hrs

Anglo-Dutch multinational oil and gas company Royal Dutch Shell has asked the British government to discuss the firm's 2.7 billion dollars tax row with Indian authorities during Prime Minister David Cameron's upcoming trade mission.

Shell has been accused of evading taxes on an investment made in India in 2009, a charge the company has vigorously denied.

The dispute revolves around a transfer of shares between Shell India and another subsidiary, Shell Gas, in 2009.

Shell has been issued with a tax bill after it was accused by Indian authorities of undervaluing the shares by 2.7 billion dollars, the Telegraph reports.

The oil firm has not revealed the size of the tax bill, but it has dismissed accusations of tax evasion as "baseless".

Shell India has vowed to challenge the order received from India's income tax department "strongly" and said it that believed it was the victim of an "incorrect interpretation of the Indian tax regulations".

Dr Yasmine Hilton, chairman of Shell India, said earlier this month that the company was "evaluating all options for redress," the paper said.

She added that shell globally and in India complies with all applicable local regulations and laws and has also done so in this instance, the paper added. (ANI)




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